Twenty big life insurance companies were looked at, and the best term life insurance companies were found to be Corebridge Financial, Pacific Life, Protective, and Symetra.
Getting insurance for a set amount of time with term life insurance is easy and doesn’t cost much. Your rates are set, and you can generally choose from a few choices with prices that are close to each other.
How We Picked the Best Term Life Insurance
Each company was judged on its cost, change choices, and ability to be renewed. We promise that our writers will only give you scores and details that are based on facts. Advertisers don’t have any effect on the creative material we write. When we review insurance companies, we use methods that are based on facts. Below, you can read more about our editing standards and how we do things.
What is the price of term life insurance?
For someone aged 40, a $500,000 term life insurance coverage costs $19 a month for a 10-year term, $28 a month for a 20-year term, and $48 a month for a 30-year term. This amounts to $228 to $576 a year, based on the length of the loan.
Compare Prices: The Best Term Life Insurance Companies
Here are the rates that the best term life insurance companies in our study charge each year.
Things that affect the cost of term life insurance
These things that affect the cost of term life insurance are usually looked at by life insurance companies.
Well-being.
Insurers can guess how long you will live by looking at your health history, which includes your height, weight, medications, medical conditions, smoking habits, history of drug abuse, and the health histories of your parents and relatives. The results of your life insurance physical test (if needed) will also be looked at.
Record of driving.
Life insurers look at traffic violations like DUIs and careless driving on your record to figure out how risky you are.
Record of a crime.
Most of the time, a decrease will happen after a major or multiple crimes.
Dangerous pastimes.
Risky sports like flying and scuba diving can cause rates to go up or even down.
Credit and money.
Life insurers sometimes use risk scores that look at things like credit history and public records like bankruptcies.
If I get a medical test, will the rate for my term life insurance go down?
Getting a medical test might help you get better quotes on term life insurance. The insurance company sees traditional life insurance policies with medical exams as lower risk. If you are healthy, you may be able to get better rates on these policies, especially when compared to more expensive choices like guaranteed issue life insurance.
But there are more and more choices for life insurance that doesn’t require a medical exam and whose prices are as low as or even lower than those that do.
How old do you have to be to get term life insurance?
A study of term life insurance companies by Forbes Advisor found that the oldest person who can get a 10-year term life coverage is usually 74 years old. Maximum problem ages were between 60 and 80 years old.
When you buy term life insurance, do you lose money?
If you die during the term of your term life insurance coverage, you will “lose” all the payments you paid during that time, unless you bought return of premium term life insurance.
There is no death payment if you live past the end of the term of your insurance. The money you paid did, however, cover you during the insurance time.
What happens if you live past the time of your life insurance?
If you live past the time of your life insurance, you can usually continue it at a much higher cost (if that’s a choice). You could also look for new life insurance.
If you don’t renew your term life insurance, if you die after the time is over, your relatives will not get any money from the death benefit.
